OVL wins two blocks in Colombia

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Mumbai, Nov 18 (UNI) ONGC Videsh Ltd (OVL), ONGC's wholly-owned subsidiary, has bagged two blocks in Colombia -- Block CPO 5 and Block SSJN 7.

Block CPO 5 is in the highly prospective onshore Llanos Basin, while Block SSJN 7 is in prospective onshore Sinu San Jacinto Basin, ONGC said in a relase here. OVL had secured these two blocks amid stiff competition from international companies, in 'Colombia Round 2008', announced earlier by the Government of Colombia, through its regulatory agency Agencia Nacional de Hydrocarbons (ANH).

In all, 43 blocks in four basins namely Sinu San Jacinto, Cesar Rancheria / Guajira, Eastern Cordillera and Llanos basin were offered in the Colombia Round 2008.

In a public ceremony at Bogota in Colombia on November seven, companies submitted bids for the various blocks on offer which were opened same day. ONGC Videsh was declared the winner with 100 per cent interest in block CPO 5 in the Llanos Basin and 50 per cent interest with Pacific Stratus for Block SSJN 7 in the Sinu San Jacinto Basin.

With this, OVL has further consolidated its presence in Colombia, where it presently holds interest in a producing asset and in three offshore exploratory assets.

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